The labour shortage is here to stay and will likely continue to affect our economy for years to come. A recent study by Statistics Canada counted a million unfilled positions in the second quarter of 2022 – the most on record and double pre-pandemic levels. There isn’t a quick solution and this will be something that businesses will need to continuously work on for the foreseeable future. So what can you do?
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A six-year study conducted by McKinsey concluded that ethnically and culturally diverse businesses are up to 36% more profitable than the least diverse ones. When it comes to gender alone, the profitability gap widens to 48%. By not implementing DEI&B in your organization, you are missing out on opportunities to watch your team and individual employees truly shine.
As human beings we don’t naturally think about things that are unknown to us. We’re much more comfortable fine-tuning what we do well. While the unknown unknowns may be a ‘black hole’ from an owner’s perspective, it is the area where people looking at the business from the outside will be focusing their attention.
Unsure What Employees Need in Today’s Workplace? – As business owners, there isn’t much that we can do to avoid events such as a pandemic or a labour shortage. However, we can build an environment within our organization that provides our employees and future employees a sense of belonging and purpose. There are three universal needs that employees are currently seeking in a job — what do they entail?
Four Business Trends to Watch Out For In the Fall – As we prepare to come back to the workplace after the summer season, it is important to reconsider business trends and consumer behaviors to stay one step ahead of the competition. Here are some trends to keep an eye on this fall to ensure that your company achieves a more successful 2022.
How to Change your Transition Approach – When entrepreneurs start their business, they generally start by doing things they are good at or things they are passionate about. Over time they develop habits that work for them – and although those habits are valuable practices that have proven to work very well in the early stages of a business, those habits can be the very things that now stand in the way of owners being able to exit the business. So how can you, as a business owner, change your approach?
How are Growth and Scaling Different – “When it comes to growth and scaling a business, many may think these both refer to the same thing – a company getting bigger, increasing revenue, and serving more clients. However, growth and scaling are two different aspects of businesses and should be treated as so.”
As with most things you’ve dealt with in building your business, tackling the issue of scalability starts with accepting the fact that you will most likely have to make some changes. And as Einstein said, the biggest change you will need to make is how you think about your business. I call it creating a scalability mindset.
Value drivers are business characteristics that drive growth. Regardless of your organization’s industry, it is important to consider these drivers: next-generation management, growth strategy, and customer, suppliers, products, services, and industry diversification.
When thinking of exiting your business, entrepreneurs must understand the value of their organization. Business valuation can be a complex process but it is an essential part of a business transition. There are a few different approaches that you can take to understand how much your business is worth. The three primary approaches are known as the Income Approach, the Market Approach, and the Asset Approach.
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